From Houston Agent Magazine
U.S. home prices continued their climb in August, rising 5.9% year-over-year, while prices for single-family homes increased 6.31%, according to the latest CoreLogic Home Price Index. [Read more…]
Mortgage Rates Are Sinking Close to All-Time Lows
From Realtor Mag
The 30-year fixed-rate mortgage neared its all-time low this week, averaging 2.88%. The record low was 2.86%, set in mid-September.
The low rates are turning into a boon for the housing market. The National Association of REALTORS® reported this week that housing contract signings in August jumped 24% year over year. Pending home sales are exceeding pre-pandemic levels, with all four major regions of the U.S. posting higher sales activity. [Read more…]
The Surprising Reason Why the Homeownership Rate Surged in the Middle of a Pandemic
From Realtor.com
In the middle of a recession and the worst public health crisis in a century, the U.S. homeownership rate surged to its highest point since the Great Recession. [Read more…]
Lower Mortgage Rates Drive Sales Turnaround
From Realtor Mag
Existing-home sales showed improvement in July, a welcome sign for what has been a mostly sluggish summer real estate market. Reversing course last month, sales climbed 2.5% over June, the National Association of REALTORS® reported Wednesday. The Northeast was the only major region of the U.S. to see sales decline in July. The bulk of sales growth was attributed to the West. [Read more…]
Low rates boost mortgage industry but spook financial markets
Wall Street has found itself increasingly on edge in recent weeks, but strangely, that may be breathing fresh life into the mortgage lending industry and the broader housing market.
New fears about the health of the world economy drove stock prices lower after a period of relative calm this summer. As investors sell stocks, they tend to buy government bonds, which are seen as a safe haven in times of financial uncertainty. But as demand for bonds goes up, the interest they pay in return (or yield) goes down. Yields on 10-year U.S. Treasury bonds fell to their lowest in three years as stocks sold off in the first full week of August. [Read more…]
May pending sales report adds to positive summer housing forecasts
From Houston Agent Magazine
Less than a week after the National Association of Realtors reported stronger than expected existing-home sales for the month of May, there’s more good news for the U.S. housing market. NAR’s Pending Home Sales Index for May came in 1.1 percent above the previous month, rising to 105.4. That figure was also only 0.7 percent below where the index stood one year ago. [Read more…]
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